Micro-Mobility Global Market Report 2024

The micro-mobility market size has grown rapidly in recent years. It will grow from $52.03 billion in 2023 to $62.05 billion in 2024 at a compound annual growth rate (CAGR) of 19.3%. The growth observed in the historic period can be attributed to factors such as urbanization, shifts in consumer behavior, economic factors, the impact of COVID-19, and infrastructure development.

The micro-mobility market size is expected to see rapid growth in the next few years. It will grow to $121.64 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%. The anticipated growth in the forecast period can be attributed to factors such as global events and pandemics, a focus on health and wellness trends, evolving consumer preferences, integration of data and artificial intelligence, and increased collaboration with public transit systems. Major trends expected in the forecast period include electrification, a diverse range of vehicles, the development of autonomous micro-mobility solutions, a focus on user-centric design, and initiatives promoting a circular economy.

The micro-mobility market is anticipated to experience growth, driven by the increasing demand for public transportation. Public transportation involves collective travel modes, such as buses, trains, and metros, allowing more individuals to commute along predefined routes. Micro-mobility complements this by facilitating and optimizing local mobility within densely populated areas, enhancing individual travel, and offering convenient transportation access. Urbanization further contributes to the surge in micro-mobility demand, with a growing population seeking efficient transportation solutions. In 2021, consumer expenditure on public and other transportation in the USA rose by 72%, signifying increased interest in intercity bus and train travel, as reported by the US Bureau of Labor Statistics in September 2022. Hence, the expanding demand for public transportation is expected to propel the micro-mobility market.

The growth of the micro-mobility market is projected to be fueled by the increasing trend of urbanization. Urbanization, characterized by rising population concentration in cities and towns, prompts the expansion of urban areas. Micro-mobility solutions play a crucial role in addressing transportation challenges associated with urbanization, including traffic congestion, parking demand, and environmental sustainability. As of January 2022, the United States Department of Commerce reported a population increase in the US to 332,403,650, growing by 0.21% from 2021. This exemplifies the ongoing urbanization trend contributing to the growth of the micro-mobility market.

An emerging trend in the micro-mobility market is the focus on product innovations by major companies. These innovations involve the development of technologically advanced products to gain a competitive advantage. For instance, in January 2022, LIME, a US-based micro-mobility company, introduced the Gen4 E-bike - a swappable battery electric bike with features such as increased motor power, a mobile-phone holder, a handlebar with display mirroring, an automatic two-speed transmission, and a modular design.

Innovative products, particularly those incorporating cognitive intelligence (CI) for micro-mobility, are gaining popularity in the market. Companies are striving to create a society where mobility brings happiness and liberation. In November 2022, Honda R&D Co. Ltd., a Japan-based company, launched CI-powered micro-mobility devices that combine Honda CI with Honda AI, emphasizing stress-free, environmentally sustainable, and easily transportable solutions. The development of micro-mobility technologies with CI aims to enable ubiquitous, stress-free, and collision-free movement of people and objects.

In November 2022, Helbiz Inc., a US-based intra-urban transportation company, successfully completed the acquisition of Wheels Labs Inc. This undisclosed sum acquisition enhances Helbiz's operational capacity, expanding its market presence to 67 markets globally. The acquisition contributes to a more diversified business model and improves the company's financial profile. Wheels Labs Inc. is a US-based company specializing in micro-mobility leasing and management.

Major companies operating in the micro-mobility market report are Yadea Technology Group Co. Ltd., Jiangsu Xinri E-Vehicle Co. Ltd., Xiaomi Corp., Segway Inc., Swagtron, Boosted USA, Airwheel Holding Limited, Yamaha Motor Co. Ltd., Accell Group N.V., Derby Cycle AG, Neutron Holdings Inc., Bird Rides Inc., ElectricFeel AG, Floatility GmbH, Beam Mobility Holdings Pte. Ltd., Dott B.V., Yulu Bikes Pvt. Ltd., Voi Technology AB, Lyft Inc., Tier Mobility GmbH, Beijing Mobike Technology Co. Ltd., DoorDash, Dynamic, Helbiz Inc., Veo Technologies Inc., Razor USA LLC, Ninebot Inc., Gogoro Inc., GenZe by Mahindra, Superpedestrian, VanMoof, Cowboy, Jump Bikes, Spin, Wheels Labs.

Asia-Pacific was the largest region in the micro-mobility market in 2023. North America is expected to be the fastest-growing region in the micro-mobility market during the forecast period. The regions covered in the micro-mobility market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the micro-mobility market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of micro-mobility options include bicycles, e-bikes, e-kick scooters, and other similar modes of transportation. An e-kick scooter is a vehicle that can be stood on and propelled at a maximum speed of 15 miles per hour by an electric motor. These scooters operate at various speeds, such as up to 25 kmph and 25-45 kmph, and can be human-powered or electrically powered. They may be part of different sharing models, including docked and dockless systems. Ownership models can include business-to-business and business-to-consumer arrangements.

The micro-mobility market research report is one of a series of new reports that provides micro-mobility market statistics, including micro-mobility industry global market size, regional shares, competitors with a micro-mobility market share, detailed micro-mobility market segments, market trends and opportunities, and any further data you may need to thrive in the micro-mobility industry. This micro-mobility market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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